Monday, September 23rd, 2019
What exactly is luxury?
Luxury can mean different things to different people. A $25 lip gloss could be deemed luxurious vs. a $250,000 Lamborghini. So, if price isn’t the qualifier, what is?
In a recent study conducted by Ipsos, a panel of affluent consumers was asked to define what luxury and premium mean to them. Unsurprisingly, they put “high quality” and “expensive” at the top of both lists. Their research uncovered a distinct dividing line between emotive and rational drivers in affluent perceptions of these two terms. While affluent consumers see luxury as something that makes them feel and experience something, they tend to view premium as a more general reference to the high end of a product category.
How does a brand target an Affluent consumer online and in the real world? Are they too elusive to nail down and engage? What motivates them? Is income really even a qualifier anymore if anything can be seen as luxurious?
In our global economy, the behavioral similarities of the affluent across the continents outweigh their differences. Join us to hear our panel discuss their experiences, successes and failures talking and targeting this elusive audience.